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82-86 London Rd N, Lowestoft

Retail storefront for sale in Lowestoft

£3,606,603 / 31,926 sq ft

by Levy Real Estate
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Highlights

Features

Full address
82-86 London Rd N, Lowestoft NR32 1ET – Lowestoft
Asking price
£3,606,603
Links
Pdf #1 marketing brochure/flyer

Sale details

There is 1 space available. This measures 31,926 sq ft.

Sale unit Available

Unit
Sale unit
Size
31,926 sq ft
Price
£3,606,603
Price per sq ft
£112.97
  • The property benefits from prominent retail frontage onto the pedestrianised London Road North, with a well-configured store arranged over ground and two upper floors.
  • The ground floor is largely used as a Marks & Spencer foodhall with the two upper floors used as storage and staff accommodation.
  • Goods lifts provide direct access to the storage rooms on all floors from the loading bay, which is located at ground floor level and accessed via the side of the property on Grove Road.
  • Prime high street situation in popular coastal town.
  • Extensive frontage onto the pedestrianised London Road North, facing the main entrance to the Britten Shopping Centre.
  • Arranged over a well comprised ground and two upper floors totalling an area of 32,086 sq ft (2,980.9 sq m).
  • Two points of access to all floors.
  • Let to Marks & Spencer PLC, 5A1 covenant, until March 2027. Currently producing a net income of £259,294 per annum equating to £8.08 per sq ft with fixed annual rental uplifts of 1.95%.
  • Demised Car Parking facilities for circa 26 cars.
  • The property has been solely let to Marks & Spencer PLC.
  • since 6 July 2001 until the lease expiry on the 31 March 2027. The current passing rent of £259,294 per annum from 29th September 2020 is subject to fixed annual uplifts of 1.95% occurring on 29th September.
  • The rent reflects £8.08 per sq ft,incorporating an addition of 5% for fittings.
  • The leasehold element is subject to a £500 per annum ground rent, taking the gross rent as at 29th September 2020 to £259,794 per annum.
  • (See Tenure.
  • ) There is a restrictive alienation clause in the lease to the benefit of the landlord which states that the tenant is only permitted to assign the existing lease to a company within the Marks & Spencer group or “of no less a financial standing” than Marks & Spencer PLC as at the start of the lease in 2001 (5A1 covenant).
  • The lease is held on a full repairing and insuring basis, outside the Landlord and Tenant Act 1954 (as amended).
  • Upon expiry, the tenant has the right to renew for a term of 40 years at the open market rent, with an option to determine in the 15th year (31st March 2042).
Sale type Investment
Tenure Freehold
More building details Less building details

Property facts for 82-86 London Rd N, Lowestoft

The property benefits from prominent retail frontage onto the pedestrianised London Road North, with a well-configured store arranged over ground and two upper floors. The ground floor is largely used as a Marks & Spencer foodhall with the two upper floors used as storage and staff accommodation. Goods lifts provide direct access to the storage rooms on all floors from the loading bay, which is located at ground floor level and accessed via the side of the property on Grove Road.

Building subtype
Retail storefront
Number of storeys
2
Parking ratio
0.81
Total building area
31,926 sq ft
Rentable building area
31,926 sq ft
Lot size
0.81 acres
Construction material
Masonry
Year built
1960
Parking
Reserved: 26

Major tenants

Name Description Size Move in date Locations
Marks & Spencer Description Department Store Size 31,296 sq ft Move in date - Locations 965 (International) International

Map & nearby

82-86 London Rd N, Lowestoft

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Meet the team

Levy Real Estate

  • A profile photo of Matt Paulson Ellis Matt Paulson Ellis
  • A profile photo of Jonathan Martyr Jonathan Martyr
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Disclaimer. Property descriptions, images and related information displayed on this page are based on marketing materials found on the website registered to Levy Real Estate. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Levy Real Estate for full details and further information. 8512270